A national Bank in the Capital of a great Kingdom or State must, it seems, contribute less to the utility of circulation because of the distance of its Provinces, than in a small State. And when money circulates there in greater abundance than among its neighbours a national Bank does more harm than good. An abundance of fictitious and imaginary money causes the same disadvantages as an increase of real money in circulation, by raising the price of Land and Labour, or by making works and manufactures more expensive at the risk of subsequent loss. But this furtive abundance vanishes at the first gust of discreet and precipitates disorder.
French version published in the Dictionnaire de l’économie politique, 2 vols., 1852-1853 ; english version published in Cyclopædia of Political Science, Political Economy, and the Political History of the United States (1881). LAISSEZ FAIRE—LAISSEZ PASSER. These two formulas, which are frequently met with in economic, political, social and socialistic discussions, were invented by the physiocrates. By laissez faire they mean simply let work, and by laissez passer, allow exchange; in other words, the physiocrates demand, by these phrases, the liberty of labor, and the liberty of commerce. These two phrases have never been used by economists in any other sense; […]
Marquis d’Argenson, Letter to the author of the Journal, concerning the Dissertation upon commerce (1751)
A Letter to the author of the Journal, concerning the Dissertation upon commerce, by the Marquis Belloni In Selected essays on Commerce, agriculture, mines, fisheries, and other useful subjects, London, 1754, p228-335 SIR, In your journal for March, 1751, you have inserted a Dissertation upon trade, by the Marquis Belloni, which I have read several times, as an excellent piece; the substance of all the best remarks which have been made by our modern politicians on that subject, containing advice to sovereigns touching the direction of commerce, manufactures and the circulation of money. But ought not he first to […]
Frédéric Passy was a pacifist, but not of the naïve kind. He was neither an anti-patriot nor an anti-militarist. He only thought that conflicts could often be avoided, provided that the settlement of international and internal disputes by peaceful means was at least tried. This is the reason why he founded several international organizations, such as the Ligue internationale et permanente de la paix (created in 1867), and the Société d’arbitrage entre les Nations (1870).
Every protective tariff means increased taxation. A country’s wealth cannot be increased by increased taxation. (W. Smart.)
2. A protective tariff ought to bring in as little as possible to the Treasury, since its object is to prevent the importation of goods.
It ought to bring in as much as possible to those who produce the protected goods.
3. The effect of a protective duty on any commodity is to raise the price, not only of the amount imported, but of the whole quantity sold in the country; it is a private tax placed upon consumers for the benefit of producers.
4. A protective duty increases the price at which the protected article can be purchased, and diminishes the purchasing power of the buyer to the same extent.
Benjamin Constant, The Liberty of Ancients Compared with that of Moderns (Unknown, 1819). The Liberty of Ancients Compared with that of Moderns Gentlemen, I wish to submit for your attention a few distinctions, still rather new, between two kinds of liberty: these differences have thus far remained unnoticed, or at least insufficiently remarked. The first is the liberty the exercise of which was so dear to the ancient peoples; the second the one the enjoyment of which is especially precious to the modern nations. If I am right, this investigation will prove interesting from two different angles. Firstly, the confusion […]
We have seen what freedom can achieve. It is time to sow dissension among our peoples, and to place constraints on trade: our assumptions will be the more plausible for that.
Divided by wars they form several nations which have opposing interests.
Now if we may assume that each of these nations trades freely within its boundaries we may no longer assume that they all trade freely with each other.
External trade, always hampered and sometimes suspended, will be all the less flourishing as it will be more expensive, whether from the losses to which it is exposed, or through the efforts made to sustain it.
The Socialist party cannot balance up a governmental majority without destroying government itself, for it cannot admit that government fulfils the minimum of its duties. When a strike breaks out, the intention of the strikers is that security of person and of property shall not be guaranteed; and they have been preceded, supported and followed in this by certain Radicals who, when put to the test, have been obliged to commit acts such as they have violently laid to the charge of preceding governments. Socialist policy represents contempt for law, and all men, whether rich or poor, have an interest in liberty, security and justice, for the private interest of each individual is bound up with these common blessings. Socialists despise them all.
A SCIENCE only advances with certainty, when the plan of inquiry and the object of our researches have been clearly defined; otherwise a small number of truths are loosely laid hold of, without their connexion being perceived, and numerous errors, without being enabled to detect their fallacy.
For a long time the science of politics, in strictness limited to the investigation of the principles which lay the foundation of the social order, was confounded with political economy, which unfolds the manner in which wealth is produced, distributed, and consumed. Wealth, nevertheless, is essentially independent of political organization. Under every form of government, a state, whose affairs are well administered, may prosper. Nations have risen to opulence under absolute monarchs, and have been ruined by popular councils. If political liberty is more favourable to the development of wealth, it is indirectly, in the same manner that it is more favourable to general education.
Pierre de Boisguilbert (1646-1714) Hazel Van Dyke Roberts, Boisguilbert: economist of the reign of Louis XIV, New York, Columbia University Press, 1935 “Boisguilbert: An Early French Economist“, 1873, Westminster Review Vauban (1633-1707) A Project for a Royal Tythe, or General Tax, which by suppressing all the ancient funds and later projects for raising the public revenues, and for ever abolishing all exemptions, unequal assessments, and all rigours and oppressive distraining of people, will furnish the government a fixt and certain revenue, sufficient for all its exigencies and occasions, without oppressing the subjects, London, 1708 (see also the 1710 edition) Richard […]